Below is a list of industrial real estate listings that were sold in the 4th Quarter of 2020 over 10,000 square feet in size in the Central Los Angeles industrial submarket. Information includes: buyer, seller, sale price, square footages, and property features for warehouses and manufacturing buildings.
The City of Los Angeles Bureau of Engineering is leading the construction of the new, $588 million Sixth Street Viaduct Replacement Project, the largest bridge project in the history of Los Angeles. The completed structure will be a 3,500-foot long viaduct connecting Boyle Heights and the Arts District across the Los Angeles River. The original viaduct was built in 1932, but had significantly deteriorated due to “concrete cancer”; it was demolished in 2016. The new viaduct will have ten pairs of lit arches, bike lanes and wider sidewalks, along with stairway access and bike ramps connecting to 12 acres of recreational and open space under the bridge, including the Len Hill Plaza. The bridge is funded primarily through the Federal Highway Administration, with additional City support. The viaduct will be completed in Summer 2022
Constructed in 1932, the original Sixth Street Viaduct (also known as the Sixth Street Bridge), was an important engineering landmark in the City of Los Angeles. It was one of a set of fourteen historic structures crossing the Los Angeles River, and the longest of these structures.
Due to its large size, the original Sixth Street Viaduct was constructed using an onsite concrete mixing plant. Unfortunately, the aggregate used in the concrete caused a chemical reaction known as Alkali Silica Reaction, which caused deterioration of the concrete structure within 20 years of its completion. The total project replacement cost is $488 million, making it the largest bridge project in the history of Los Angeles.
Located in a highly urbanized area just east of downtown Los Angeles, the original bridge acted as a critical transportation link between the neighborhoods of the Arts District on the west side and Boyle Heights on the east side.
The original viaduct was demolished in 2016. The new viaduct is scheduled for completion in 2022.
Amid exclamations like “I am going to be so happy to see the bridge completed!”, the most common questions on social media were about pedestrian and bike lanes and general accessibility. The wide and separate sidewalks and bicycle lanes planned for both sides of the bridge met with high praise. https://www.sixthstreetviaduct.org
If you want to get a quick feel for the strength of the Central Los Angeles Industrial submarket, then glance at the below chart. It shows the 3 key metrics over the past decade.
The vital property statistic that I focus on the most is our low vacancy rate at just under 4%. The Southern California industrial real estate market has generally had the lowest vacancy rate in the United States over the past decade. Why? Because demand from tenants and buyers is very strong and we are an infill market given we have run out of vacant land to construct new buildings.
Here are the definitions of the other two metrics in the chart. For a complete list of commercial real estate terms defined please see our Glossary.
Net Absorption: The square feet leased in a specific geographic area over a fixed period-of-time after deducting space vacated in the same area during the same period.
Net Deliveries: The square feet of new construction delivered to the market minus any buildings that were demolished.
7,450 SF Warehouse For Lease, DTLA
■ Great Creative Studio/Warehouse Space
■ Classic Brick Building, Constructed 1968
■ Fenced Parking
■ 1st Floor: Previously an Art Gallery, Air Conditioned
■ 2nd Floor: Beautiful Wood Floors & Bow-Truss Roof
■ Only one block from 10 Freeway Onramp
■ Fashion District Near South Park, Historic Core, & Arts District
3-5 year lease term. $1.50/SF/mo. Marketing brochure package. The larger property can be made for sale for a buyer.
A 51,000 square foot building with extensive food production improvements is available for lease at $1.45 per square foot triple net in the the southern section of the City of Los Angeles near the 405 and 110 freeways.
The building shell is modern concrete tilt up and the food processing improvements were installed in recent years and include: refrigerated production meal prep room, cooler, floor drains, and freezer. The space was used for airline meal preparation. There are 80 parking spaces and 1,600 AMPS of power.